Article Sidebar

Download
PDF

Main Article Content

Abstract

This study aims to empirically prove the influence of intellectual capital and working capital management on stock returns of technology sector companies listed on the Indonesia Stock Exchange through financial distress. The population in this study consisted of technology sector companies listed on the Indonesia Stock Exchange in 2021-2023, totaling 29 units. The number of samples was determined using a purposive sampling technique to obtain 24 companies that met the criteria. Data analysis used SEM (Structural Equation Modeling) assisted by Stata 14 software. The results of the study showed that intellectual capital and working capital management had a negative effect on financial distress, intellectual capital and working capital management did not affect stock returns, financial distress had a negative effect on stock returns, intellectual capital and working capital management positively affected the stock returns of technology sector companies listed on the Indonesia Stock Exchange in 2021-2023 through financial distress.

Keywords

Intellectual Capital Working Capital Management Financial Distress Stock Returns

Article Details

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite
Made Siti Ambarawati, N., Adi Yuniarta, G., & Nyoman Sri Werastuti, D. (2025). The Influence of Intellectual Capital and Working Capital Management on Financial Distress and its Impact on Stock Returns. Amkop Management Accounting Review (AMAR), 5(2), 1243–1260. https://doi.org/10.37531/amar.v5i2.3305
Download Citation
Endnote/Zotero/Mendeley (RIS)
BibTeX

References

  1. Adhama, GJ, & Mawardi, I. (2020). The Effect of Intellectual Capital on Profitability and Stock Return (Case Study of the Jakarta Islamic Index for the 2013-2018 Period). Journal of Theoretical and Applied Islamic Economics, 7 (7), 1391–1411. https://doi.org/10.20473/vol7iss20207pp1391-1411
  2. Agustina, S., Ruhiyat, E., & Sugiyanto. (2024). Green Intellectual Capital, Asset Growth on Stock Return: Role of Financial Performance as Intervening. Asean International Journal of Business, 3 (1), 36–49. https://doi.org/10.54099/aijb.v3i1.839
  3. Aktas, N., Croci, E., & Petmezas, D. (2015). Is working capital management value-enhancing? Evidence from firm performance and investments. Journal of Corporate Finance, 30 , 98–113. https://doi.org/10.1016/j.jcorpfin.2014.12.008
  4. Ariansya, F., & Isynuwardhana, D. (2020). Influence Of Working Capital Turnover, Capital Structure, And Size Of Companies To Financial Performance Of Companies (Case Study On Property & Real Estate Sub Sector Companies Listed In Indonesia Stock Exchange, 2014-2018). E-Proceedings of Management, 7 (2), 3126–3133.
  5. Audinna, YR (2019). Analysis of the Effect of Current Ratio, Total Asset Turnover, and Debt to Equity Ratio on Stock Returns in Consumer Goods Industry Companies on the Indonesia Stock Exchange. FinAcc Journal, 4 (8), 1129–1140.
  6. Caroline, RTM (2020). Effect of Return on Equity, Debt to Asset Ratio, Working Capital Turnover, and Dividend Payout Ratio on Stock Return. Saudi J Econ Fin, 4 (8), 384–389. https://doi.org/10.36348/sjef.2020.v04i08.002
  7. Dewi, IK, & Yodawati, SP (2020). Analysis of Cash Flow Components, Working Capital Management, and Dividend Policy on Stock Returns. JMM Online, 4 (4), 566–580. https://doi.org/10.52160/ejmm.v4i4.370
  8. Elviana, E., & Ali, H. (2022). Determination of Financial Distress and Stock Prices: The Effect of Financial Performance and Sales Growth (Financial Management Review Literature). Dynasty International Journal of Economics, Finance and Accounting, 3 (3), 241–252. https://doi.org/10.38035/dijefa.v3i3
  9. Fachrudin, KA, & Ihsan, MF (2021). The Effect of Financial Distress Probability, Firm Size and Liquidity on Stock Return of Energy Users Companies in Indonesia. International Journal of Energy Economics and Policy, 11 (3), 296–300. https://doi.org/10.32479/ijeep.10677
  10. Feren, & Bangun, N. (2019). The Effect of Interest Rate, Investor Sentiment, and Financial Distress on Stock Returns. Multiparadigm Accounting Journal, 1 (4), 1152–1160.
  11. Gea, N., Effendi, I., & Prayudi, A. (2021). The Effect of Working Capital Management on Financial Performance in Transportation Sector Companies Listed on the Indonesia Stock Exchange. Scientific Journal of Management and Business (JIMBI), 2 (2), 146–152.
  12. Ghozali, I. (2018). Multivariate Analysis Application with IBM SPSS 25 Program . Diponegoro University Publishing Agency.
  13. Hendry, Yahya, I., & Kholis, A. (2022). The Effect of Intellectual Capital, Dividend Policy, Tobin's Q, and Inflation on Stock Return with Profitability as Intervening variable on Consumer Goods Companies in Indonesia Stock Exchange. International Journal of Research and Reviews, 9 (7), 254–267. https://doi.org/https://doi.org/10.52403/ijrr.20220730
  14. Coordinating Ministry for Economic Affairs of the Republic of Indonesia. (2023). White Paper on the National Strategy for Developing Indonesia's Digital Economy 2030 .
  15. Kusumastuti, R., Zamzami, Z., & Ayun, LQ (2022). The Influence Of Intellectual Capital On Stock Prices With Profitability (ROA) As Moderating Variable In Banking Sector Companies On The Stock Exchange For The Period 2016 To 2020. International Journal of Social Science, Education, Communication and Economics (SINOMICS JOURNAL), 1 (5), 565–580. https://doi.org/https://doi.org/10.54443/sj.v1i5.61
  16. Luo, M. M., Lee, Y. J. J., & Hwang, Y. (2009). Cash conversion cycle, firm performance and stock value. Engineering Economist, 9 (2), 21–35.
  17. Maharani, A., & Narsa, IM (2023). Six-factor plus intellectual capital in the capital asset pricing model and excess stock return: Empirical evidence in emerging stock markets. Cogent Economics and Finance, 11 (2), 1–17. https://doi.org/10.1080/23322039.2023.2252652
  18. Manda, A., & Murtanto. (2024). The Influence Of Intellectual Capital And Profit Management On Stock Returns. International Journal of Accounting, Management, Economics and Social Sciences, 2 (5), 1843–1853. https://doi.org/https://doi.org/10.61990/ijamesc.v2i5.296
  19. Mustika, R., Ananto, RP, Surya, F., Felino, FY, & Sari, TI (2018). The Influence of Intellectual Capital on Financial Distress (A Study of Mining and Manufacturing Companies). Dharma Andalas Journal of Economics & Business, 20 (1), 120–130.
  20. Nasution, LA, & Dinarjito, A. (2023). Analysis of the Influence of Intellectual Capital, Leverage, and Sales Growth on Financial Distress. Journal of Law, Administration, and Social Science, 3 (1), 47–62.
  21. Nindita, K., Moeljadi, & Indrawati, NK (2014). Prediction on Financial Distress of Mining Companies Listed on BEI using Financial Variables and Non-Financial Variables. European Journal of Business and Management, 6 (34), 226–236.
  22. Nityakanti, P. (2024a). GOTO and BUKA Lose Money, Pay Attention to the Performance Prospects of E-Commerce Issuers. https://investasi.kontan.co.id/news/goto-dan-buka-merugi-simak-prospek-kinerja-emiten-e-commerce
  23. Nityakanti, P. (2024b). Technology Sector Stock Performance Prospects Predicted to Remain Tough This Year. https://investasi.kontan.co.id/news/prospek-kinerja-saham-sektor-teknologi-diprediksi-masih-berat-di-tahun-ini
  24. Novitasari, VF, & Bagana, BD (2023). The Effect of Liquidity, Profitability, and Leverage on Stock Returns of Manufacturing Companies in the Consumer Goods Sector Listed on the Indonesia Stock Exchange in 2018-2020. Scientific Journal of Computerized Accounting, 16 (1), 9–21.
  25. Nurcahyono, Sinarasri, Pamungkas, ID, & Hanum, AN (2023). May intellectual capital and corporate governance reduce the probability of financial distress? Contaduria y Administracion, 70 (1), 97–121. https://doi.org/10.22201/fca.24488410e.2025.5169
  26. Nurhadimah, S., & Paramita, VS (2024). The Influence of Good Corporate Governance, Firm Size, and Operating Capacity on Financial Distress (Study of Retail Trade Sub-Sector Companies Listed on The Indonesian Stock Exchange in 2017-2022). Ilomata International Journal of Tax & Accounting, 5 (1), 180–201.
  27. OJK. (2021). Causes of Fluctuations in a Company's Share Price. https://sikapiuangmu.ojk.go.id/FrontEnd/CMS/Article/10507
  28. Purnamawati, IGA, Jie, F., Hong, PC, & Yuniarta, GA (2022). Analysis of Maximization Strategy Intangible Assets through the Speed of Innovation on Knowledge-Driven Business Performance Improvement. Economies, 10 (6). https://doi.org/10.3390/economies10060149
  29. Purwanti, A. (2022). Effect of Working Capital Management and Earnings Management on Stock Return of Digital Bank Companies Listed on the Indonesia Stock Exchange. Influence: International Journal Of Science Reviews, 4 (1), 114–124. https://doi.org/https://doi.org/10.54783/influencejournal.v4i2.194
  30. Safitri, NB, Nisrina, R., Suci, AW, & Nugroho, MPW (2024). The Effect of Intellectual Capital on Stock Return Through Financial Performance. Return: Study of Management Economics And Business, 7 (3), 429–439. https://doi.org/https://doi.org/10.57096/return.v3i7.238
  31. Salehi, M., Mahdavi, N., Dari, SZA, & Tarighi, H. (2019). Association between the availability of financial resources and working capital management with stock surplus returns in Iran. International Journal of Emerging Markets, 14 (2), 343–361. https://doi.org/10.1108/IJoEM-11-2017-0439
  32. Santhi, IADS, Merawati, LK, & Yuliastuti, IAN (2022). The Effect of Working Capital Management and Financial Ratios on Stock Returns in Mining Companies. KHARISMA (Accounting Student Research Collection), 429–439.
  33. Sardo, F., Serrasqueiro, Z., & Alves, H. (2018). On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels. International Journal of Hospitality Management, 75 , 67–74. https://doi.org/10.1016/j.ijhm.2018.03.001
  34. Setyawati, EP, & Irwanto, A. (2020). The Influence of Intellectual Capital on Stock Returns of Manufacturing Companies in Indonesia. Airlangga Journal of Economics and Business, 30 (2), 100–113. https://doi.org/10.20473/jeba.V30I22020.100-113
  35. Shahwan, TM, & Habib, AM (2020). Does the efficiency of corporate governance and intellectual capital affect a firm's financial distress? Evidence from Egypt. Journal of Intellectual Capital, 21 (3), 403–430. https://doi.org/10.1108/JIC-06-2019-0143
  36. Sugiyono. (2020). Quantitative, Qualitative, and R&D Research Methods . CV. Alfabeta.

Similar Articles

<< < 3 4 5 6 7 8 9 10 11 12 > >> 

You may also start an advanced similarity search for this article.